How Can I Save Money While On Medicare?

Saving money while on Medicare may seem like a very hard, or even impossible thing to do. But there are some tips passed among those on Medicare which can help you save money easily. Even those in the donut hole may be able to find some light at the end of the tunnel. Here are a few tips everyone may benefits from:

Find the right Medicare company

There are quite a lot of companies which offer Medicare Plans, and it is always a good idea to shop around. Just a little bit of research and asking the right questions can help you find the best Medicare plan for you and save you money. There are even experts available who will go over your needs, help you find the best company, and even explain how much money you could be saving.

Save Money While on Medicare By Staying Healthy

If you’re on Medicare you can actually save money by being healthy, especially if you are over the age of 65. Many companies offer plans and the discounts which are specifically for customers who have no major medical concerns. This means that staying healthy can not only help you live a longer, happier life, but can also save you a lot of money. Staying active, eating right, and even holistic herb and vitamins can help you stay healthy and save money while on Medicare.

Understand What You’re Charged For

Because there are so many companies which offer Medicare, there are hundreds of types of plans which may be hard to choose from. Understanding the different kinds of plans available and which one suits your needs best is just one more way that you can save money while on Medicare. Most research can be done online or with the help of an expert which is available. Be sure to get a plan which offers the coverage that you need and at a price you can afford and you can save a lot of money.

Federal Rebates and Discounts

The Patient Protection and Affordable Care Act signed early in 2010 offers several changes to many Medicare plans, and may mean rebates and discounts to many of those on Medicare. These changes are intended to reduce costs to you if you reach the prescription “donut hole.” If you have expenses in the coverage gap in 2010, you may be entitled to a rebate of $250. In 2011, those in the gap will be receiving a 50% discount on brand name drugs. More discounts will be brought in slowly, so that by 2020 it is expected that you will only be paying 25% of your total cost within the coverage gap instead of 100%. This is a way to save money while on Medicare which you don’t even have to seek out. Just find out whether you qualify and be sure you know when to expect your rebate and discounts to begin.